by Mike Shedlock
MISH’S Global Economic Trend Analysis
Poway California, population 47,811 as of 2010, has placed an enormous bet on rising home prices and tax revenues. Poway borrowed $105 million but will not start to pay that amount back until 2033 at which time they will owe $877 million in interest.
Clearly this would be fiscal insanity anywhere, but it is especially true in California given Proposition 13 that caps property taxes.
The Voice of San Diego reports Where Borrowing $105 Million Will Cost $1 Billion: Poway Schools